Bank Says KPMG Gave It Bum Advice

FRESNO (CN) – United Security Bank claims KPMG‘s bad advice about “Captive REITs” that KPMG was touting cost USB $266,300 in fees to KPMG, and that the REITs did not provide the tax benefits that KPMG promised. The bank also claims in Superior Court that KPMG breached its promise to “provide ‘complimentary’ audit representation” for any audit by the California Franchise Tax Board related to the Captive REITs, and that it had to spend another $110,000 to defend itself from a state audit.